Opening the official trading session on September 29 on the US Nasdaq stock exchange (September 29 evening Vietnam time), VinFast Auto shares (VFS) of billionaire Pham Nhat Vuong increased for the second consecutive session from the bottom of 11 USD, the lowest level since being listed on the US Nasdaq exchange on August 15.
As of 9:10 p.m. on September 29 (Vietnam time), VFS shares increased by more than 4% compared to the previous session, to 13 USD/share.
At the current price, the capitalization of VinFast Auto (VFS) of billionaire Pham Nhat Vuong stands at over 30 billion USD.
With this capitalization, VinFast is slightly larger than India's Tata Motors and ranks 16th among car manufacturers in the world.
If only counting electric car companies, VinFast ranks 4th after billionaire Elon Musk's Tesla (as of September 29, capitalization was 801 billion USD); China's BYD (92 billion USD) and China's Li Auto (35.4 billion USD).
In the past 16 sessions, VinFast shares fluctuated between 12-18 USD/share. In the session on September 28, VinFast recorded liquidity of more than 5 million units, nearly double the previous sessions.
In Vietnam, VinFast has an advantage thanks to its charging station system with more than 150,000 charging ports for motorbikes and cars nationwide. However, this car company is also facing increasing competitive pressure from low-cost Chinese brands such as Wuling HongGuang MiniEV version with prices starting from only 239 million VND.
VinFast also has a small car line called VF 3 but it is not yet on sale.
On September 29, VinFast launched the VF 6 version (B-class SUV segment).
Investors are now interested in the results of the plan to offer more than 75 million shares to the public.
Also according to the plan, Mr. Pham Nhat Vuong's two private investment companies, VIG and Asian Star, will bring 46.29 million VinFast shares to the market, equivalent to about 2% of outstanding shares.
VinFast is the first company to launch a Vietnamese car brand. This is an advantage when the product is sold in the domestic market. However, electric cars are still new not only to Vietnamese consumers but also to the world.
VinFast CEO Le Thi Thu Thuy herself also admitted that whether or not it can be done depends on VinFast.
According to the financial report for the second quarter of 2023, VinFast sold a total of more than 11,300 cars in the first half of the year.
Billionaire Pham Nhat Vuong's GSM taxi company is currently present in many provinces and cities across the country. GSM will cover the Xanh SM brand to 27 provinces and cities across the country in 2023.
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